Select a vehicle you would like to drive and state whether the vehicle is new or used. The value of the vehicle should be at least $10,000. Describe the vehicle by stating make, model, special features, colour, et cetera. Find the price of the vehicle. You may look for the price at a dealer, in a newspaper, on TV, on online, or source of your choice. Be sure to indicate the price and where you found the information. Assume that you have $5000 for a down payment, and that you will arrange a loan for the balance of the cost. Don’t forget to include taxes for Manitoba province. Check at a lending institution to find the interest rate you would get for a three-year or four-year car loan (your choice). Indicate which lending institution provided you with the interest rate. Calculate and state the monthly loan payment and provide support for your calculations. Calculate the total cost of buying the vehicle, including the down payment and the total cost of the loan. Be sure to show how you arrived at your answer. You can use the loan calculator or spreadsheet provided in the learning experience.
Select a vehicle you would like to drive and state whether the vehicle is new or used. The value of the vehicle should be at least $10,000. Describe the vehicle by stating make, model, special features, colour, et cetera. Find the price of the vehicle. You may look for the price at a dealer, in a newspaper, on TV, on online, or source of your choice. Be sure to indicate the price and where you found the information.
Assume that you have $5000 for a down payment, and that you will arrange a loan for the balance of the cost. Don’t forget to include taxes for Manitoba province. Check at a lending institution to find the interest rate you would get for a three-year or four-year car loan (your choice). Indicate which lending institution provided you with the interest rate. Calculate and state the monthly loan payment and provide support for your calculations.
Calculate the total cost of buying the vehicle, including the down payment and the total cost of the loan. Be sure to show how you arrived at your answer. You can use the loan calculator or spreadsheet provided in the learning experience.
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